A Des Moines developer would tear down the deteriorated Twin Bridges Motor Inn in downtown Bettendorf and construct two five-story apartment buildings worth a total of $22 million under a Tax Increment Financing (TIF) deal worked out with city officials.

The development agreement would provide Twin Bridges Associates LP, a unit of Newberry Living, with a $750,000 forgivable loan and rebate 100 percent of the incremental property taxes from the 135-unit apartment project for 20 years.

At the current tax rate, the 20-year TIF would be worth approximately $12 million. The property currently is assessed at $799,780 and pays $24,139 annually in property taxes.

[The public hearing on the TIF and forgiveable loan is on the Tuesday, Dec. 6 city council meeting agenda.]

Roadway reconstruction related to the new Interstate 74 Bridge may be a puzzle now to motorists in downtown Bettendorf, but an even more significant street reconfiguration may be on the horizon – conversion of the Grant and State Street one-ways to two-way traffic.

The city council Tuesday (Aug. 2) approved hiring a traffic consultant for $100,000 to conduct an analysis of the two downtown one-ways with an eye toward making them into two-way streets.

The so-called Town Square block along State Street in downtown Bettendorf should be used as originally envisioned – as an open plaza for civic events and activities – a team of urban planners from the Iowa Downtown Resource Center told city officials in early October.

The planning experts' recommendation is in stark contrast to two development proposals currently being considered by the city council. Both call for creation of mixed use commercial/residential development with parking on the block between 20th and 21st Streets between State and Grant Streets.

The one-block Town Square idea kicked around by Bettendorf aldermen this spring has now mushroomed into a three-block downtown makeover with city taxpayers expected to contribute from $8 million to $15 million in land donations, interest rate buy-downs and developer tax rebates.

The two competing Town Square project proposals – from Russell Companies, Davenport, and Newbury Living, Des Moines – also call for obtaining state housing tax credits to help pay for either senior- or workforce-housing that would be built as part of the redevelopment.

The revised downtown Bettendorf streets aren't yet complete, but gas station/convenience store developers are already moving to re-establish their presence along the busy State and Grant Street corridors.

Eight months after the Bettendorf sports complex opened for business, the city has yet to determine how much developers will contribute to the $760,000 cost overrun for streets, sewers and storm water detention for the facility.

Grain Processing Corporation (GPC) has been ordered to pay $50 million in damages to settle a class action lawsuit over air pollution from its Muscatine corn-milling plant that harmed thousands of nearby residents.

Iowa District Court Judge John Telleen gave preliminary approval of the... more